• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

If Ethereum Doesn’t Clear This Crucial Level, the Bear Market Likely Isn’t Over

Nick Chong by Nick Chong
2 years ago
in Cryptocurrency news, Ethereum
Reading Time: 2 mins read
Advertisement

Although Bitcoin normally leads the crypto market, Ethereum has outperformed almost all other digital assets over the past few days. As of the time of this article’s writing, the cryptocurrency trades at $182, up 7% in the past 24 hours and up 24% since the lows of the week near $147.

From the bottom seen during the “Black Friday” crash, the cryptocurrency is up well over 100% — outperforming a majority of multi-billion-dollar assets, even those that were bailed out by the world’s governments.

Related Reading: Last Time This Trend Transpired, Bitcoin Rallied 2,700%. It’s Back Yet Again

Despite this decisively strong price action, an analyst is not yet convinced Ethereum bulls are home free, so to say, remarking that a key level needs to be breached for a trend reversal to be confirmed.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Ethereum Still Below Key Technical Level

An impressive rally, sure, but a crypto trader known as Calmly isn’t too sure that a bullish medium-term future for Ethereum is certain after the recent rally.

Backing his cautious sentiment, he shared the below image on April 18th, indicating that he thinks a weekly close above $190 “would make [him] feel confident that this is bullish price action and not just a bear market re-test.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The chart specifies that historically, $180-$190 has been a crucial zone for Ethereum, with it acting as a launchpad for rallies. Furthermore, the cryptocurrency has often tested the zone as resistance on multiple occasions.

Analysts Eye Breakout

Although $190 is still a 5% rally away, leading analysts expect for the cryptocurrency to start attempting to break past the region.

Prominent trader Hsaka remarked that the ongoing price action has allowed Ethereum to break a “pivotal zone,” which suggests that the cryptocurrency will see “substantial” bullish follow-through towards $200.

Corroborating this, another trader with the moniker of HornHairs explained that he thinks ETH may be in the midst of a “full retrace” of the bear market, which would imply a return back to the 2020 highs of $290 in the coming months.

Not to mention, there are simple positive fundamental factors.

A report from Grayscale Investments, a crypto fund provider and manager, shared that institutional players are investing heavily into both Bitcoin and Ethereum, despite the recent downturn in global markets. As investor Spencer Noon said:

“Institutional investors are buying ETH. The cat is officially out of the bag. From the latest @GrayscaleInvest report: Ethereum Trust saw $110M in Q1 inflows. This is more than all of its previous inflows combined for the past 2 years ($95.8M).”

Furthermore, it has been reported by crypto analytics firms that Ethereum’s blockchain is seeing increasingly higher throughput volumes, boding well for the bullish narrative.

Photo by Jerry Zhang on Unsplash
Tags: cryptoethereum priceethusdtechnical analysis
Tweet123Share214ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

World Of Women, screenshot from the website

Blue Chip NFTs 101: The World Of Women Collection, Including And Conquering

47 mins ago
crypto bear

Leading Crypto Exchanges See Negative Funding Rates, Have The Bears Taken Over?

3 hours ago
bitcoin

Why Bitcoin Could Return To $28,000, But By The End Of 2022

4 hours ago
$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

7 hours ago
bitcoin bear

New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

9 hours ago
Bitcoin

Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry

9 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto To Add The Best Gains To Your Portfolio For Bull Market: Gnox (GNOX), Cronos (CRO) And NEAR Protocol (NEAR)

July 1, 2022

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.